IM Properties has concluded the disposal of the BMW Logistics Centre, Niederaichbach, near Munich.
The 98,540 sq m integrated automotive distribution facility has been sold to a private consortium for €44 million.
Warwickshire-based IM Properties acquired Phase 1 of the warehouse facility several years ago as part of its European acquisition strategy and successfully developed an additional 55,000 sqm extension for BMW.
Simon Reed, Director of European Investments at IM Properties said: “This transaction was the culmination of a longer term strategy to maximise the value of the original asset by working closely with the tenant and aligning ourselves with their occupational requirements.
“This was a key development for BMW’s global growth strategy and the sale represents further evidence of IM Properties’ capabilities in fulfilling its asset management capabilities across its European portfolio”.
IM properties was advised on the transaction by Knight Frank and lawyers Beiten Burkhardt, with the purchaser advised by Tilad and DLA Piper.